Jan. 30 at 6:57 PM
$LAND maybe they finally stopped using the ATM!!!!
In Aug. 2023, I wrote IR to ask about this practice. To his credit, the CFO responded. However, they continued practice of selling shares at less than net asset value!!!
Imagine, stock's net asset value is near
$19/share and yet they are selling shares in the open market at
$9-
$10 via the ATM to raise capital to pay buy back preferred stock. Ludicrous. Sell the underlying assets rather than selling stock at 50 cents on the dollar. The Board should get some heuvos and put a stop to this practice.
Apart from dividend reinvestment, I haven't purchase a single share since 2023 when stock was near
$16.